China's Lenovo reports flat revenue, weakest in eight quarters
Lenovo Group, the world's biggest maker of personal computers, reported flat revenue for the April-June quarter when many Chinese cities were hit by COVID-19 lockdowns, marking its most subdued result in eight quarters.
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Total revenue came in at US$16.96 billion, in line with an average Refinitiv estimate of IS$16.87 billion drawn from seven analysts. Net income attributable to shareholders rose 11 per cent to US$516 million.
Lockdowns in China during the quarter dealt a blow to the PC supply chain, with major laptop manufacturing partners including Quanta, Compal and Wistron suffering significant manufacturing disruptions, according to a report by research firm Counterpoint.
It also coincided with the global PC industry coming off the pandemic-fuelled sales boom and the war in Ukraine, prompting several companies from chipmakers to electronics manufacturers such as Intel and Samsung to warn of a sharp slowdown in demand. Global shipments fell 11.1 per cent in the past quarter from a year earlier, the largest year-over-year decline since the second quarter of 2013, according to Counterpoint.
Lenovo said in a statement that "the PC market is currently experiencing short-term challenges". Counterpoint said Lenovo’s total PC shipments fell 12.7 per cent to 17.4 million units largely due to weak consumer demand. However, Lenovo maintained its leadership in the global PC market with a 24.4 per cent share.